Altcoin, Web3 and Metaverse Predictions from Crypto Billionaire!

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2021 has been a great year for cryptocurrencies, with adoption hitting all-time highs, and this year Bitcoin and most altcoins have set records in price. According to one of the wealthiest and most influential men in the cryptocurrency world, 2022 will be the year to enter the mainstream. Sam Bankman-Fried (SBF), CEO of cryptocurrency derivatives platform FTX, believes regulation, scaling and even higher adoption will define 2022.

FTX CEO reveals his views for Bitcoin and altcoin space

As we reported on Somanews, Bankman-Fried is the CEO and founder of FTX, a cryptocurrency exchange and derivatives platform. FTX has grown rapidly in recent years, becoming one of the largest exchanges in the world. It has become one of the most famous brands in the industry, thanks to a series of partnerships with iconic companies and events, including an event such as paying $135 million for the naming rights of the Miami Heat’s own field. SBF, which also runs a market maker firm known as Alameda Research, pointed out that even as 2022 approaches, the cryptocurrency industry should still appreciate the progress so far.

Cryptocurrency also has a variety of potential use cases, including remittances, payments, being a store of value, NFTs, social media, DeFi, and more. In 2021, the industry also saw massive growth in scaling solutions like layer 2 networks like Polygon. It’s also worth noting that the area attracts a lot of attention. In terms of scaling solution, SBF frequently mentions Solana (SOL) as well as Polygon and draws attention to the size of this network, especially the transactions per second.

Will regulatory clarity be achieved in the cryptocurrency space?

SBF believes the industry still has room to grow in 2022 and points out that regulation will be important in 2022. According to the FTX CEO, this lack of regulatory clarity has made it difficult for the industry to reach its potential. Although it changed gradually in 2021, it particularly impacted the industry’s ability to attract regulated institutional players. SBF reported that they have released products that are suitable for regulation over the past year and they are trying to take steps towards working with regulators. The biggest thing here, according to the SBF, is to work collaboratively on ways to address existing regulatory gaps while allowing liquidity to move to the US, Europe and other jurisdictions.

Regarding Web3, which is one of the most popular topics of recent times, Bankman-Fried thinks that Web3 can reach good places and has a wide potential, and the demand for this topic will increase. He thinks that the metaverse will also expand in the coming periods and many activities can take place there. While he is not very optimistic about the point Web3 has reached at the moment, it is stated that he is optimistic about its journey.